EaglePicher gets OK for $50 million interim DIP facility

New York, April 12 - EaglePicher Inc. obtained approval for its $50 million interim debtor-in-possession credit facility from the U.S. Bankruptcy Court of the Southern District of Ohio.

A final hearing is scheduled for May 18.

The interim facility has a term of 45 days unless a final facility is approved sooner.

Interest is Prime rate plus 300 basis points, and there is a 50 basis point unused fee and a $500,000 closing fee.

The administrative agent is Harris Trust and Savings Bank.

EaglePicher said it is negotiating a final DIP facility with Harris. The company is hoping to arrange a $100 million revolving credit facility.

EaglePicher, a Phoenix-based diversified manufacturer, filed for Chapter 11 Monday. Its case number is 05-12601.

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